CME Group to ‘Assume Responsibility’ for Wheat-Data Error
CME Group Inc. (CME), owner of the world’s largest futures exchange, said it will “assume responsibility for actual losses” stemming from an erroneous report on deliveries related to wheat contracts.
An exchange report at 4 p.m. local time yesterday excluded 2,000 wheat-shipping certificates registered from two terminals in Maumee, Ohio, owned by The Andersons Inc., citing only 164 certificates, Chicago-based CME Group said today in a statement. The report was corrected at 5:46 p.m.
The company said it “will assume responsibility for actual losses associated with this reporting error” and “will establish a claims process for customers.” Grain futures trade on CME Group’s Chicago Board of Trade. The market closed yesterday at 2 p.m. and opened at 5 p.m.
Chris Grams, a CME spokesman, declined to say whether losses have been reported or the exchange had previously assumed responsibility for losses stemming from reporting errors.
Wheat futures for March delivery dropped 2.3 percent to $8.65 a bushel at 12:16 p.m. on the CBOT. The price dropped 0.6 percent yesterday.
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